20
I LISI FINANCIALREPORT2013
FINANCIALSITUATION
2
n
Inorder toensureandachieve thisgoal, LISI hasadoptedHSE (Health
Safety Environment) policy andorganization to identify key areas for
improvement,prioritizegoals, andderive theappropriateactions.This
policy and organization are based on the international OHSAS 18001
standard (international standardgoverning themanagement system
ofhealthandsafetyatwork).
n
At the end of 2013, the rate of work accidents causing stoppages
involvinganemployee (TF0)slightly improvedto10.4permillionhours
worked, an improvement of 2% on 2012. The rate of work accidents
withandwithout stoppages (TF1)was 16.3, aslight improvementof 1%
ascomparedwith2012.
Environmentalinformation(Art.R225-105)
n
For several years, the LISI Group was fully engaged in placing
environmental issues at the heart of its corporate culture in order to
turnthem into intrinsicvalues.
n
Thepolicyandorganizationput inplacearebasedonthe international
standardISO14001(internationalstandardgoverningthemanagement
systemoftheenvironment).
Headcount
n
At December 31, 2013, the Group employed 9,239 employees, an
increase of the total workforce of 330 people, which represents an
improvementof+3.7%comparedto2012.
n
This increaseofthetotalheadcount isdueontheonehand, toastrong
increase intheworkforceofLISIAEROSPACE(399moreemployeesthan
in2012 representingan increaseof 7.7%) andon theotherhand, toan
adjustment of thehead countwithin LISI AUTOMOTIVE (-70persons /
-2.2%).TheworkforceofLISIMEDICALremainsstable.
2013
2012
Difference
as a%
LISIAEROSPACE
5,604
5,205
+399
+7.7%
LISIAUTOMOTIVE
3,143
3,213
-70
-2.2%
LISIMEDICAL
474
475
-1
-0.2%
LISISA
18
16
+2
+12.5%
TOTAL
9,239
8,909
+330
+3.7%
Temporaryemployees
546
563
-17
- 3.0%
2013financialresults
LISI AEROSPACE is themain contributor to the Group's income, in line
with the previous year. The LISI AUTOMOTIVE division was up due to
reorganizationstepstakenin2012.TheLISIMEDICALdivisionstillremains
marginal insizeand itsresultsaredown.
Nevertheless, all the management indicators are up. Gross operating
profit was up 15.6% to €178.9m, which is 15.6% of sales revenues. It
includes income of €4.7m under "Employment Competitiveness Tax
Credit"(CICE). EBIThada larger increaseat€128.9m(up28.4%,asagainst
€100.4m in2012).SoduetotheexcellentperformanceofLISIAEROSPACE,
which isupagain, EBITpassedanewmilestoneand reachedalmost 2.0
points year onyear. At 11.2% theGroup'soperatingmarginexceeded its
nominal targetof10%.
Non-current expenses were fairly high for the 2013 financial year and
reflecttheconsequencesofthedifficultandpossibly long-termsituation
in the European automobilemarket. At the same time, the Group has
alsomadeprovision in the LISI AEROSPACEdivision for a total of €5.5m,
foramortizationof intangibleassetsand reorganizationmeasures in the
Racingsector intheUSA.
Non-operating revenues aremade up on the one hand of the cost of
financingof€ -3.3m,which remained stableby comparison to2012, and
on the other hand, the effect of foreign exchange fluctuations, which
generateda loss fornon-operating income inthis financialyearof€1.7m.
Thetaxcharge,calculatedonthebasisofcorporate incometaxappliedto
netpre-tax incomereflectsaneffectiveaveragetaxrateof33.2%,slightly
downascomparedwith2012 (35.7%).
At€74.6m,net incomewasthusup30.3%ascomparedwith2012.
Earningspersharewere€7.12asagainst€5.47 in2012.
Thefinancialstructurehasbeenstrengthenedafteramajor
investmenteffort
Consolidatedworking capital requirements remained virtually stable in
absolute terms, and improved slightly in relative terms to less than 79
days.With cash flow at a good level at €142.3m, investments couldbe
easilyhandledwhilemaintainingapositivenetFreeCashFlowof€28.5m,
ascomparedwith€38.5m in2012.
TheGrouphasaccordinglybeenabletocontinuetoreduceitsborrowings:
at €67.8m (as against €76.7m at the end of 2012), net borrowings to
shareholders' equity ("gearing ") didnot exceed 10.8%, as against 13.3%
thepreviousyear. Its financialstructure isthereforeparticularlystrong.
